Olymp Trade Review: Reveal Is Olymp Trade Legit or Scam?

Last Updated: January 24th, 2023
Overall Rating
4.5/5
Features
3/5
Platform
3/5
Desktop Experience
3/5
Education
3/5
Mobile Experience
3/5
Withdrawal
3/5
Customer Support
3/5
Trust
3/5
Home» Binary Options Brokers » Olymp Trade Review: Reveal Is Olymp Trade Legit or Scam?

Olymp Trade Review: Reveal Is Olymp Trade Legit Or Scam?

Olymp Trade is the broker that got excellent hype quickly, and the Olymp Trade review will inform you of the background story of success. It is a regulated and award-winning online investment platform specifically designed for beginners.

A binary broker, Olymp Trade, initially grew into a high-tech IT product. They have improved and made a seamless trading platform for their traders to help them achieve a high return.

Even in this review, we will include everything about Olymp Trade, from their platform overview to the scam review.

Before investing, let’s pack everything.

Olymp Trade Review- What is Olymp Trade?

High Capital Risk Is Involved In Financial Trading

Olymp Trade has been serving the financial industry since 2014. During this eight-year journey, they have improved in many areas to provide their traders with a comfortable trading experience.

Olymp Trade is owned and operated by Saledo Global LLC, and all rights belong to this registered entity.

Besides, people from 194 countries can relish an incredible trading experience with this broker.

The Olymp Trade principal goal is-

To make trading affordable and easy for everyone

You can also consider it a reliable broker because it is a Category “A” member of the International Financial Commission or FinaCom. This membership basically confirms that Olymp Trade is a trustworthy entity with high-quality service. 

Some other companies are also entitled to this broker, including FinaCom, for some other regulatory purpose.

For beginners, their proprietary platform is impressive to use and also user-friendly. At the same time, the broker also provides their service on Meta Trader 4 platform. Moreover, they have created a unique trading platform so any trader can try their hand at trading. 

On the other hand, Olymp Trade operates globally, except in a few countries such as the UK, USA, Europe, Japan, and Australia.

Why Olymp Trade?

In order to be successful as a trader, you need to research a broker to discover their unique features. Don’t forget about the regulation. It is also a part of the broker’s trustworthiness.

We’ll show you some things that make a broker better in this section.

  • Regulated broker
  • Minimum deposit $10
  • Minimum investment is $1
  • Returns up to 90%
  • Min withdrawal amount is $10
  • Proprietary trading platform
  • Demo account facility
  • Zero Spread
  • 100+ trading instruments
  • Deposit bonus
  • Trading Education
  • Free webinars
  • Free trading signal
  • Dedicated customer support team
  • Personal VIP consultant
  • Multiplier up to 500x

Regulation

Having a regulation in place is the first step to ensuring the broker’s legitimacy. Olymp Trade is a regulated and licensed broker that considers itself a Category “A” member of the International Financial Commission. (FinaCom).

Olymp Trade assures its traders that the platform is safe and secure, though reputed regulatory bodies do not regulate it. 

But if the broker does any fraudulent activity with traders, they will get up to $20,000 from the Compensation Fund. Also, traders will get free legal support.

For traders, it is a unique approach.

Awards and Achievements

Olymp Trade has been in the financial industry for over eight years. They open the door to financial freedom for anyone who is an adult and wants to do something independently. They are growing and improving their services day by day. Moreover, they have won many awards for excellence in trading.

Here are some of the awards you’ll find on their website:

  • CPA Life Awards 2017 for Best Financial Broker
  • Le Fonti 2016 for the Best Trading Platform 
  • Best Broker at KROUFR Awards 2016
  • The Fastest Growing Broker at ShowFx World 2016
  • Best Broker at Forex Expo 2017
  • Innovative Broker Award at IAFT Awards 2017
  • Le Fonti 2018 for Best Trading Platform
  • The Forex Awards 2018 for Best Trading Platform 
  • Traders Fair 2018 award for the Best Traders FB Community in Thailand

Registration and Login Process

The registration process is simple. You can fill out only a few fields. Just enter a valid email address and password to complete registration.

After completing the process, the broker will give you a quick training session to help you understand how brokers work.

After that, finish the email confirmation process, including setting up two-factor authentication. This authentication system will protect your account from online scammers.

Lastly, either deposit to open a live account or start with a demo.

See, it is easy to start with Olymp Trade.

High Capital Risk Is Involved In Financial Trading

Olymp Trade Login Process

Enter your email and pre-set password to log into your account. Remember, it is recommended to set the authentication to secure your account.

Promo Code For Traders

Traders can enjoy up to a 50% deposit bonus. So, to receive the bonus, log into the trading platform and deposit the amount. However, you will only unlock the bonus by enhancing your account security.

“One Pay Bonus” is applicable if your deposit amount is $500. Please choose any of them based on your deposit amount.

High Capital Risk Is Involved In Financial Trading

Account Verification

Traders must verify their accounts based on company rules or terms. The exciting part is that you can verify your account at any time. The support team will help you.

But the company will send a message if verification is mandatory for you. If that’s the case, you have to submit the documents within 14 days.

On the other hand, the authority will send a confirmation mail after completing the verification process. All necessary documents must be sent via email.

Verifying your account will take up to 24 hours once you send the documents.

However, sometimes the process takes more than five business days, depending on the circumstances.

The following documents are requested to verify a client:

  • ID issued by the government containing your full name, photo, and date of birth
  • 3D selfie
  • Residence verification documents like a bank statement, utility bill (electricity, water, or gas), internet bill, etc.

Olymp Trade Demo Account:

Olymp Trade offers a demo account with $10,000 virtual money. Trading on a demo account is free and specially designed for beginner traders. As a result, you can practice trading without risk, fear, or rules. Besides, you can switch to a real platform at any time you want.

Also, in the demo account, you will get the same experience as real trading. However, some limitations are also available in demo trading. But you can complete your primary goal.

After practicing on a demo account, you’ll be more confident. Furthermore, you can practice your trading strategies with various tools and indicators.

High Capital Risk Is Involved In Financial Trading

Account Types:

Trading with Olymp Trade is now more convenient than before. The broker offers only one account type, excluding a demo account. However, there are some other account types, like

  • USDT Account
  • Multi-Account

However, you need to link these live accounts with your trader’s ID. So, you can trade with the main account. The minimum deposit amount is $10, depending on which method you choose to fund your account.

On the other hand, you will get a trader’s ID which is a unique identification number. And this number will be issued by the broker.

Make sure you can have only one active account.

Let’s gather more information regarding account types.

1. USDT Account:

USDT is a sub-account created by traders who wants to deposit via cryptocurrency. The minimum deposit starts from 5 USDT.

Besides, USDT is issued on multiple blockchain networks, including Bitcoin and Ethereum.

2. Multi-Account

Multi-accounts allow traders to open interconnected up to 5 live accounts. These are also considered sub-accounts. Those accounts will be under your control, so whatever you want to do with them is up to you.

On the other hand, you will be able to choose currencies, including some local currencies.

Your Multi-Account account isn’t the same as your Trading Account (Trader ID). Your money can be held in up to five different live accounts, but you can only have one Trading Account (Trader ID).

Olymp Trade App:

Olymp Trade will allow you to trade via a mobile app. You can download the trading app for both desktop and mobile devices.

Download the app for android and apple from the iOS Store and Google Play store, respectively, or browse directly from the website.

1. Olymp Trade App - Mobile

The mobile app is unique in its interface and ideal for any smartphone. You do have full access to the trading dashboard, though the interface is not suitable for trading.

Moreover, you can trade any asset from the mobile app. However, we recommend you use this app to check your open positions quickly.

The app lets traders manage their trading accounts, deposits, trading tools, indicators, education resources, and more. Both Android and iOS versions are available.

2. Desktop Trading App

Traders can download the Olymp Trade platform to their desktops. The platform works faster on Windows and Mac OS desktop devices. However, if you want, you can avoid downloading and perform trades via the web browser.

Trading Assets

A wide range of trading instruments is available, including currencies, cryptos, commodities, stocks, etc. The return percentage depends on the instrument, though the maximum is 90%. Besides, you can trade from 15 seconds to 1 month.

Depending on trading hours, certain assets will be available. Even you will get to feel the essence of OTC trading on the platform. Moreover, you will find detailed information regarding each asset on their homepage.

OlympTrade Strategy:

Trading with a proper strategy will increase your rate of success. There are many strategies available for traders.

It would be best if you chose a strategy that suits your trading style. You also need to analyze the market to build a winning trading strategy. There is no specific strategy for the Olymp Trade platform.

Any trading strategy you can apply here to a successful opening and closing.

Trading Platform

Olymp Trade has an intuitive platform with a lot more features. The trading dashboard is well organized, with various trading tools and indicators. On the right side, you will find all the necessary blocks from where you can open a position.

Also, you can fund your account from the payment section. This section is also on the right side of the dashboard.

In addition, on the left side, there are four individual sections.

  • Trades
  • Market
  • Events
  • Help
  1. Trades: This section will provide an overview of your portfolio, including your trading history. All open and closed positions will be noted there.

  2. Market: The market section will bless you with multiple indicators, strategies, etc. Both paid and free tools will aid you in your trade.

  3. Events: Check out the list of current events in this section. You will indeed find something interesting!

  4. Help: Anything, for everything, you will get a dedicated support team that helps you via hotline, email, and live chat. Also, for a quick response, you can check the help or FAQ section.

Additionally, on the left side, you will find an asset list. Choose your preferred assets based on return percentage and market value.

Let’s move to the central portion, where you will see market movement. Create a perfect strategy with indicators and charts to analyze the market.-

Trading Indicator

The Olymp Trade dashboard is a powerhouse with a wide range of trading indicators. Select and use any indicators based on market demand and trends. Also, you will get the list from the broker’s dashboard.

Among those indicators, the first nine will help you trade based on trend analysis.

However, you must add more than one sentiment indicator. Additionally, if you click on the name of each indicator, the trading platform assistant will explain the following indicator with information.

Moreover, the sentiment indicator requires no additional settings like others. You can set the time frame on each indicator, showing you the asset’s high and low values.

Trading Chart - Olymp Trade Platform

There are four types of charts available on the Olymp Trade platform. These are:

  • Area Chart
  • Japanese Candlesticks
  • Heiken Ashi
  • Bars

The parabolic SAR indicator only works on the Japanese candlestick chart and the Bars chart. The time interval starts from 15 seconds to 1 month.

Graphical Tools

Six listed graphical tools will help you to draw lines over the asset’s chart. These tools are:

  • Horizontal Lines
  • Trend Line
  • Fibonacci Level
  • Fibonacci Fan
  • Vertical Line
  • Ray

These are mostly used to conduct a technical analysis of a particular asset. Also, these graphical tools are mainly different types of trend lines.

Technical Analysis

Olymp Trade’s platform offers traders the option of accessing technical analysis tools. You will get price types and time scales. The functionality of the VIP strategies is only available for VIP traders.

Also, you will have a chance to use numerous indicators within the technical analysis platform. These indicators can be added to your analysis, and their settings can be adjusted accordingly.

We strongly recommend you use these technical analysis tools to predict the future price correctly.

Video Tutorial & Education

Olymp Trade has a full-featured trading educational section from which you can get all the essential trading knowledge. If you are new to trading, open the blog section and fill your basket with knowledge.

Also, new traders will be able to learn about different strategies and indicators, which will help them learn how to trade and implement them properly.

From analytics to tips, everything is nicely organised here. And about the video lesson, if you get bored reading read words, it is the only option you can pick. However, you will find a few videos there. But, beginners, you will get a complete course on Fixed Time Trading.

Olymp Trade Withdrawal and Deposit:

Olymp Trade Deposit Method - BinoptionOlymp Trade Deposit Method - Binoption
Olymp Trade Deposit:

To start a trade with a real account, you need to fill your account with a minimum amount. The minimum deposit amount is $10. However, in some cases, it also depends on how the payment is made.

Select the desired payment option and the deposited amount. Depending on the bank rate, the amount will be automatically converted to your account currency.

Step-by-Step Guide- How to Deposit:

  • Click the “Payment” button
  • Select the deposit option and choose the payment method
  • Apply an active promo code
  • Click confirm
  • Enter the payment method details and click Pay
Olymp Trade Withdrawal:

Withdrawals are processed by the same payment systems that you used at the time of depositing. The minimum amount of withdrawal is $10.

Olymp Trade offers an unlimited maximum withdrawal facility. Traders generally do not need to pay commissions or fees to withdraw money.

In the dashboard, you will find your available withdrawal amount. Moreover, you cannot withdraw your bonuses. The maximum withdrawal period is five business days.

On the other hand, you don’t need to provide any documents in advance. If needed, the authority will ask for documents.

Step-by-Step Guide – How to Withdraw Money:

  • Click the “Payment” button
  • Select the withdraw option and choose the same method
  • Specify a withdrawal amount
  • Click withdraw

Deposit Bonus

When you open a demo account on the Olymp Trade platform, you will receive a bonus notification from the authority. And you have to fulfil the requirements to activate the deposit bonus.

Also, you can get a bonus by depositing $30 or more. The bonus percentage depends on the deposit amount. Unfortunately, you can’t withdraw the bonus amount.

Contact And Customer Support

You can reach the support team via e-mail, telephone, and live chat, which is available 24/7. You will get a response within 1 business day after emailing them.

It is vital to have a competent support team on a broker platform. Quick response is necessary for a new trader to resolve his or her problems.

Furthermore, you can also find them on social media.

Our first experience was horrible with the support team. As we continuously monitored each broker to give traders a positive review, we poked them again. A few significant issues were addressed through live chat during demo testing.

This time, our experience was entirely satisfactory. Initially, you will be contacted by an automated chatbot. And later, you can directly chat with a specialist if you have major concerns.

We must say, they have improved a lot.

Customer Complaints Against Olymp Trade:

We found many positive reviews on Olymp Trade.

However, our research is limited because many traders are from different countries, and they have used their native languages in the forums.

We managed to translate them. We also found the complaint against their support team and above in the “Contact and Customer Support Section,” we already discussed our personal experience with their support team.

Complaints Proof - Binoption

A trader from India placed a complaint about the withdrawal issue. He tried to withdraw money from the broker platform. The platform accepted the withdrawal request, but he did not get any payment to his bank account.

The issue was handled by the team of Olymp Trade smartly. Another complaint was regarding the account block.

The trader could not log in or access his funds. However, we could not be able to verify the validity of this claim.

Olymp Trade - Advantages

You have got to know about the Olymp Trade features. But, some advantages make this broker outstanding. Let’s make a list of those:

  • FinancialCom protects traders’ investments and prevents fraudulent activities
  • Risk-free trading
  • The platform is easy to use
  • Strong customer support team

Drawbacks

In the beginning, we faced many challenges. But the platform slowly improved itself in multiple sections. From customer support to the education section, now, the broker’s website is full of rich content.

We are impressed. However, the trading platform is not regulated by renowned regulatory bodies.

Is Olymp Trade a Scam?

We found this question in numerous trading forums, and it is also logical to ask new and experienced traders.

We believe Olymp trade is not a scam broker. Eventually, it will be a reliable company offering a trading service to different traders.

This trading platform is a member of the FinaCom trading agency.

The regulatory body of the International Financial Commission maintains strict rules and guidelines for their brokers to follow, and the organization itself holds strong values of transparency, swiftness, and education.

The broker platform has received many positive reviews from traders. There are no hidden commissions incurred on the platform.

Frequently Asked Questions

Well, we know that traders get traumatized when they first step into the financial world. Picking the right broker is not an easy game. Also, it’s nearly impossible to pick one with hundreds of questions.

We covered a few that traders frequently ask.

  • Can I have multiple active accounts?

    Yes, you can have multiple sub-accounts under one Trader's ID. But you are not allowed to open various trader IDs. They will ban all your accounts if they find something like this, account duplication.

  • What is the minimum deposit amount?

    The minimum deposit amount is $10. However, the initial amount varies based on the local payment methods.

  • Can I make money from Olymp Trade?

    You can make money using this fantastic platform if you know how to close the deal profitably. Olymp Trade is a good broker that has everything under one roof. So, yes, it is possible to make money on Olymp Trade.

  • Is Olymp Trade legal in India?

    Yes, the broker is legal in India.

Final Words

Eventually, finding a trustworthy options trading broker is now a challenge. From that perspective, we will give the broker platform a positive rating.

Olymp trade is a massive player in digital options. To be a legit broker, you need other unique features including the proper regulation. On the other hand, we got all the positive things we wanted.

Previously, we mentioned the Olymp Trade Scam. We were unable to find any scam activities done by this broker. Although, we reviewed many forums and websites to find any adverse scam reports against this broker.

Except for a few minor complaints, we mostly found positive comments. So, enjoy your trade with this seamless trading platform by investing as low as $1.

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